Hello, I’m Dr. Charles Apoki. Today, I want to share thoughts on achieving financial independence and freedom—moving from a job to a position where your assets work for you. This has been on my mind, and a recent call from the U.S. prompted me to finally sit down and discuss it.
In many ways, everyone with a job is already a businessman. You invest time, energy, and intellect into a job and receive a salary as a return. As Karl Marx explained, employees often create value beyond what they earn—the rest is profit for the employer. Whether we like it or not, we’re in a business exchange.
Leveraging Your Work Experience
To transition successfully, recognize your experience, exposure, and education as capital. Every skill you’ve acquired on the job is a tool you can use to establish your business. When I started my schools, I drew from my past work setting up a church school, building on my exposure to how it was structured and run.
Your exposure, education, and enthusiasm combine to help you think creatively and find opportunities around you. Reflect on what has worked in your workplace and adapt those strategies to a business idea of your own. Learn how your employer secures funding, manages risks, and navigates difficult times. All of these lessons will serve you when you step out on your own.
Preparing for Retirement
No one can work forever. Look at the lives of retirees and understand that old age is expensive. Health expenses, maintaining properties, and even supporting children and grandchildren can become significant. For many of us in Africa, particularly in Nigeria, retirement can be financially challenging without reliable pensions. Sadly, some retirees face hardships, as pensions may be delayed for years.
This reality underscores the importance of creating independent income sources that can support you in later years. For some, working until old age in a job may feel secure, but in our systems, it’s essential to think about building additional financial safety nets.
Practicing Intentional Frugality
When I started working, I practiced frugality. My wife and I managed our household on her salary alone, while I saved my earnings for investments. When I took a bank loan, I made sure to repay it and never took out another. I learned that unnecessary borrowing can snowball, and I preferred using my savings and targeted investments.
To grow your finances, track every expenditure. Simple habits like saving on small items add up over time. Resist the urge to spend more when you earn more. Instead, save with a purpose, creating a specific fund for your business idea or investment goal.
Network and Collaborate
Network within the industry you’re entering. Learn from people already in the field, understand their successes and setbacks, and make connections that will benefit your business. Target saving within cooperatives also allows you to access funds for investment at low interest rates, which can help significantly in scaling up.
Understand the Value of Assets
Before starting my business, I purchased land, which later appreciated tremendously in value. I used the profits to fund my ventures. Invest in tangible assets that increase in value over time, like land or property. Additionally, recognize and capitalize on your intellectual assets. My books, speeches, and lectures all have monetary value because I respect and value my knowledge.
The Importance of a Supportive Family
Involving family in your business can make a big difference. My entire family has been part of my journey, from recording and duplicating cassettes in our living room to stapling books and helping with farming projects. Everyone took part, understanding that the goal was shared prosperity. Entrepreneurship demands commitment from those closest to you; don’t be afraid to involve them.
Small Steps Lead to Big Gains
Finally, entrepreneurship is often about scaling gradually. Sell products that people use daily, even if they’re low-cost items, and let volume drive your profits. Increase your offerings over time to build a sustainable business that caters to a broad audience.
Achieving financial freedom means embracing the mindset of a builder. Be disciplined, keep learning, and consistently work towards the glorious future you envision. Today, I am financially independent because I transitioned from employment to multiple income-generating streams. Start today, one step at a time, and your journey to freedom will unfold.
Thank you for reading, and remember, the journey from a job to financial freedom is not just possible—it’s worth every step
